Peter Obi Defends Offshore Assets, Reiterates One-term Presidency

Presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has defended his offshore assets exposed in the Panama Papers, describing the funds as legitimate “family savings” while insisting that all his foreign holdings were properly declared and investigated.

Speaking during an interview on Channels Television on Sunday, the former Anambra State governor acknowledged maintaining bank accounts overseas, where documents linked to the Panama Papers indicated assets valued at over $100 million.

Obi dismissed suggestions that he used the accounts to evade taxes, arguing that the funds were built from legitimate earnings long before he became governor of Anambra State.

“There is nothing called a tax haven in the way people describe it. I opened an account while I lived in the UK and started saving for what I called a family estate. Every year, because I had an income then, I saved a portion of it.

“I listed my assets overseas. It will shock you that the Code of Conduct Bureau actually investigated those assets, and they found nothing wrong.”

He argued that if he was able to save money for Anambra State during his tenure as governor, there was nothing wrong with making financial provisions for his family.

The Panama Papers were a cache of leaked documents published by an international consortium of journalists, exposing offshore financial dealings of politicians, business leaders and public officials across the world.

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Beyond his assets, Obi outlined key aspects of his vision for Nigeria if elected president in 2027, promising to fight corruption, strengthen democratic institutions and guarantee the independence of political parties.

He also pledged that security agencies and government institutions would never be used to intimidate opposition parties under his administration.

Obi, however, declined to unveil detailed policy proposals for addressing Nigeria’s economic and security challenges, saying he would not disclose his plans publicly at this stage.

“I know what to do. But I can’t make them open on this national television. I will serve with utmost commitment and put Nigeria and Nigerians first.”

The former governor urged Nigerians to focus on issues such as poverty, hunger, insecurity, healthcare and education rather than political personalities.

On fuel subsidy removal, Obi maintained that ending the subsidy was inevitable because it had become unsustainable but faulted the implementation, arguing that it should have been preceded by proper planning, transparent communication and measures to cushion the impact on citizens.

He also reiterated his commitment to serve only one term if elected, expressing confidence that four years would be enough to place Nigeria on the path of sustainable development.